Fewer Home-buyers applying for loans in past week
Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending January 22, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 3.3 percent from the week before and the four-week moving average for the index is up 1.3 percent.
Homeowners taking advantage of near record-low interest rates and refinancing their existing mortgages continue to dominate the mortgage application activity this week, although the share of refinances dropped to 67.6 percent of loan applications for the week down from 71.7 percent the week before. ARM’s continue to be unpopular among borrowers and only make up 4.7 percent of new mortgage loans.
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates increased slightly to 5.02 percent from 5.00 percent the previous week, with fees decreasing to 1.00 percent from 1.05 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates increased to 4.34 percent from 4.33 the previous week, with fees decreasing to 1.14 percent from 1.19 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates increased to 6.84 percent from 6.72 percent with fees increasing to 0.33 percent from 0.31 percent for loans that are 80 percent of the value of the home.
Related posts:
- Mortgage Interest Rates Hold Steady-Loan Applications Jump Over 20 Percent
- Home purchase mortgage applications increased slightly; interest rates hold steady
- Home purchase mortgage applications increase to highlest level for the year; interest rates hold steady
- Home purchase mortgage applications increase for third consecutive week; interest rates hold steady
- Mortgage Loan Rates Remain Low – Fewer Home Buyers Taking Advantage